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Manasquan Predicts $77M in Ratables Lost in Hurricane Sandy

Borough planning for 5 percent difference over 2012 as budget workshops continue

Manasquan officials are grappling with how to deal with an estimated $77.09 million loss in its ratable base after Hurricane Sandy's devastation.

A January budget presentation focused on the tax impact of the storm as the borough begins to prepare the 2013 municipal budget. Among the concerns are increased cost of emergency and long-term rebuilding, and decreased revenue from tax appeals and loss of the ratable base.

As a result of factors such as Hurricane Sandy, tax appeals and more, the total assessed value of property in Manasquan will drop 5 percent from $1.606 billion to $1.526 billion.

Beyond $77 million in losses from Hurricane Sandy are 2012's tax appeals. Twelve occurred in 2012, but had a $10.89 million effect on the assessed value in Manasquan.

Though there is a gain in assessed value with $8.9 million in new construction, the total loss in assessed value is $80 million.

The loss of ratables is not the only loss of revenue, said Borough Administrator Joe DeIorio in his budget presentation. Manasquan will also see a slight drop in its tax collection rate by 0.29 percent. Revenue from the Sea Watch restaurant in the form of rent payments will decrease since the facility was destroyed in Hurricane Sandy.

Some expenses are expected to increase in 2013's budget, according to the workshop presentation. Debt service, health care, salary negotiations will factor in.

The borough has not presented its budget but continues to discuss the fiscal process in budget workshops held in weekend meetings at Borough Hall.

The next workshop meeting is Jan. 26 at 9 a.m.

James January 25, 2013 at 10:51 PM
Last year they had two trailers which I'm pretty sure didn't cost 1 million dollars. The beach ran fine with two trailers. This is a complete and total waste of taxpayer money. And to start the construction of that before putting the beach back together is a total disgrace and a slap in the face of those of us who live at the beachfront.
Marilyn January 25, 2013 at 11:27 PM
Again I say, which I shared with Council, the Eastmond Pavillion was not a necessity. It would be cheaper to delay this contract at this time than it will cost to build and insure. We do not even know if the pilings were set high enough to be above the final FEMA height guidlines. If they are even 2 inches too low, insurance (an ongoing expense) will be huge cost. They are taking the risk with our money that the building will be high enough to be insured. Let's hope they are making the right decision. By the way, the temporary buildings cost $500 a month to rent. Marilyn
Jersey Shore John January 25, 2013 at 11:58 PM
Guys. what part of Manasquan being prudent in spending don't you understand? If you don't like it, move out. For me, toss my ashes in the Manasquan Inlet. I'm here by choice.
charlie January 26, 2013 at 09:49 PM
Manasquan, Love it or leave. John where exactly are you so we can fry your a$$ and toss it in the inlet?
Penn Cross January 27, 2013 at 07:33 PM
Prudent in spending? Never heard that before, even from those who are in favor of all the new projects. Over a million dollars for a building to sell beach badges in is crazy, no matter where the money comes from.

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